Five Point-backed WaterBridge valued at nearly $3 billion as shares jump in NYSE debut

(Reuters) – WaterBridge Infrastructure’s shares jumped 25% in their debut on the New York Stock Exchange on Wednesday, giving the midstream water management firm a market valuation of nearly $3 billion.

Shares of the Houston, Texas-based company, which is backed by private equity firm Five Point, opened at $25 each, compared with the offer price of $20 apiece.

WaterBridge sold 31.7 million shares to raise $634 million in an upsized initial public offering. It had earlier marketed 27 million shares for $17 to $20 apiece.

U.S. IPO activity is rebounding after a slowdown caused by trade uncertainty as pent-up demand fuels investor appetite for new issues.

Ebullient equity markets and expectations of rate cuts have also given a shot in the arm for the IPO market.

(Reporting by Ankita Bora and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar and Shreya Biswas)